Ahmed and Wahid are partners sharing profits and losses in the ratio of 3:1. Their Balance sheet as on March 31, 2021 is as follows. Creditors Liabilities Amount (RO) Assets 150000 Cash Amount (RO) Bills Payable General Reserve Capital: Ahmed Wahid Bank Overdraft Total 50000 Debtors 100000 Stock O Plant 200000 Buildings 100000 Profit & Loss Ac 150000 Equipment 750000 Total 12500 175000 75000 62500 250000 25000 150000 750000 On April 01, 2021, they agreed to admit Khalid into the firm for 1/5th Share of future profits on the following terms: a) Building is revalued at b) Stock is revalued at c) Goodwill is raised at d) Provision for bad debts is to be made at 5% e) Khalid has to bring in a Capital f) Khalid was unable to bring the amount of goodwill 300000 53750 100000 0 125000 Pass Journal Entries and Prepare Revaluation Account, Capital Accounts and the Balance Sheet of the reconstituted firm. Lalitha, Jothi and Kanaga were partners of a firm sharing profit and losses in the ratio of 3:2:3. Set out below was their balance sheet as onMarch 31, 2021. Liabilities & Equity Bills Payable Sundry Creditors Outstanding Expenses Capital: Lalitha Jothi Kanaga Profits & Loss A/c RO Assets RO 80000 Cash in Hand 1875 156250 Cash at Bank 511250 1250 Debtors 222500 0 Stock 278750 500000 Furniture 43750 312500 Plant and Machinery 121875 375000 Building 300000 55000 0 1480000 1480000 Lalitha retired from the partnership on April 01, 2021 under the following terms: The assets are to be valued as under: Stock Furniture Plant & Machinery Building 250000 37500 112500 250000